Aug 11, 2017 17:21 Asia/Seoul Time Zone
Hyosung Profit Expected to Top 1 Trillion Won for Second Straight Year Under Chairman Cho Hyun-joon’s Leadership
  • Business performance improves under Chairman Cho Hyun-joon
    Textiles, industrial materials, chemicals produce strong showings
    Operating profit expected to surpass 1 trillion won two years in a row
SEOUL--(Korea Newswire) August 11, 2017 -- Hyosung Group reported its second-quarter 2017 results on July 20 when Chairman Cho Hyun-joon was appointed as chief executive. Its sales and operating profit for the first half of this year amounted to 5.9796 trillion won ($5.229 billion) and 452 billion won ($395 million), respectively.

These results beat market forecasts. Industry watchers expect Hyosung’s 2017 operating profit to exceed 1 trillion won for the second straight year.

Driven by strong sales of hi-tech textile fibers under Cho’s leadership, Hyosung’s operating profit surpassed 1 trillion won last year for the first time since its foundation 50 years ago.

“I will lead the group to win all competitions by inheriting the technology-centric management philosophy and fostering the culture of efficient communication and attentive listening,” Chairman Cho said in his inaugural address in January. He has steadily built up performance across a wide range of businesses including textiles, industrial materials, chemicals, heavy industry and construction.

Cho became President of Textile, Information & Communication PG and Corporate Strategy Center in 2007, and improved its product ranking from second to first. He demonstrated his global management ability by growing Textile PG up to 40 percent of the group’s operating profit.
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